Reference no: EM132969290

Your Mission

Students are to form groups of 4 students to perform this analysis.

Each group will select a listed public company from the ASX200.

Your group will identify the major audit risk areas (at least 2) for your selected company.

For each audit risk, your assignment should:
• explain the potential impact of the audit risk on the company's financial statements and
• detail the auditing procedures to verify the account balances impacted by the risk

Note: While you can do background research etc. you shouldn't start writing this assignment until after week 3. By this time you should have a better understanding of what auditing is based on what you have learnt from the lectures and text (and other) reading/research.

In doing this assignment you should use the concepts you have learnt from this subject and your own research.

Important: you are the independent or external auditors of the company and your ‘job' is to express an opinion on the truth and fairness of the accounts.

Some business risks are material and relevant to the external audit but others e.g. shoplifting in a retail environment whilst important (to the business) would not be material from an external audit perspective.

Students are expected to conduct extensive research in completing this assignment and to clearly display the results of their research in the presentation of their paper.

Students should not just restate theory from auditing textbooks.

Research should look at the actual ASX200 listed company selected along with (potentially) its competitors, industry, economic environment/outlook, market etc.

1. The report should have appropriate headings and subheadings.
2. In your report include references to other websites and articles.
3. Ensure you have an appropriate Executive Summary.
4. This work should be in one document such as Microsoft Word. This assignment should be typed using Times New Roman font size 12, single spacing with appropriate headings and attention to spelling and grammar. The report should not exceed fifteen (15) pages (excluding the list of references).
5. You should read additional material which should be included your sources in a list of references at the end of your assignment.
• Normal University referencing rules apply.
• Students should use the Harvard (Author-Date) Style because it is the common style used in the Auditing and Professional Practice discipline.
6. You are able to use any e.g. graphics you want. Feel free to be creative.
7. Whilst the assignment should follow academic standards in relation to non-plagiarism, recognition of sources etc.; the report presented should be of a professional (business) standard in terms of content and layout. It should include:
• A Table of Contents
• An Executive Summary
• Appropriate use of headings, sub headings etc.
• Single spacing and no ‘widows and orphans' (paragraphs that go over a page)

Attachment:- Major Audit Risk Areas.rar